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CONTENTS Page Foreword ..................................................................................................................................... iii Executive Secretary’s preface .................................................................................................. v Acknowledgements .................................................................................................................... xiii Abbreviations .............................................................................................................................. xxvii Sources of quotations ............................................................................................................... xxix Chapter 1. The beginnings of recovery and policy responses ........................................... 3 Coping with vulnerability ................................................................................. 5 Vulnerable to trade and financial exposure ................................................... Exposure to developed-country demand ....................................................... Exposure to capital flows ............................................................................... Capital markets and exchange rates: renewed inflows bring instability ...... Emerging reorientation of foreign direct investment ...................................... Evolving impacts on jobs and income ........................................................... Migration and remittances: bucking the pressures ...................................... Domestic demand and fiscal space shaping responses ............................... 5 7 17 22 25 27 31 33 Growth outlook for 2010 ................................................................................. 41 Recovery underway ........................................................................................ Backdrop for 2010 forecast ........................................................................... Different paces of expansion ......................................................................... Downside risks persist ................................................................................... 41 41 44 45 Balancing growth with stability ...................................................................... 46 Inflation threatens from demand and supply sides ....................................... Asset bubbles build up ................................................................................... Avoiding premature exit .................................................................................. Sustaining Asia’s dynamism ........................................................................... 46 49 52 53 Chapter 2. Crisis and rebound: the differentiated impacts, policy responses and outlook at the subregional level .................................................................. 57 East and North-East Asia ................................................................................ 58 Impact of the crisis ......................................................................................... Policy responses............................................................................................. Outlook and policy challenges ....................................................................... 60 65 68 North and Central Asia ................................................................................... 69 Impact of the crisis ......................................................................................... Policy responses............................................................................................. Outlook and policy challenges ....................................................................... 71 73 77 xv CONTENTS (continued) Page Oceania .................................................................................................................... 78 Impact of the crisis .............................................................................................. Policy responses .................................................................................................. Outlook and policy challenges ............................................................................ 78 86 88 South and South-West Asia ................................................................................. 89 Impact of the crisis .............................................................................................. Policy responses .................................................................................................. Outlook and policy challenges ............................................................................ 89 95 98 South-East Asia ...................................................................................................... 100 Impact of the crisis .............................................................................................. Policy responses .................................................................................................. Prospects ............................................................................................................. 100 105 109 Chapter 3. Multiple imbalances and development gaps as new engines of growth ........ 115 Macroeconomic imbalances ............................................................................ 118 Sources of imbalances ................................................................................... 121 Socio-economic imbalances and development gaps ................................... 125 Poverty reduction: remarkable but uneven .................................................... Poverty-inequality-household consumption nexus .......................................... Poverty and multiple deprivations .................................................................. Infrastructure and other development gaps ................................................... 125 126 129 133 Growing ecological imbalances ...................................................................... 136 Linkages between the three imbalances ....................................................... 140 Annex I ................................................................................................................ 142 Annex II ............................................................................................................... 143 Chapter 4. A regional policy agenda for regaining the dynamism .................................... 147 Redressing socio-economic and environmental imbalances for expanding domestic consumption ........................................................... 148 Strengthening social protection ...................................................................... A “Green revolution” for food security and poverty reduction ....................... “Green growth”: new green industries as engines of growth ........................ Enhancing financial inclusiveness .................................................................. 148 151 154 158 xvi CONTENTS (continued) Page Expanding demand through cooperation ....................................................... 160 Evolving a broader framework for economic integration ............................... Developing regional transportation networks and improving trade facilitation ........................................................................................... Strengthening connectivity through information and communications technology (ICT) .......................................................................................... Developing financial architecture for crisis prevention and narrowing the gaps ...................................................................................................... 161 References and further readings ............................................................................................. 179 Statistical annex ......................................................................................................................... 195 xvii 162 165 167 BOXES Page 1. Assessing the impact of expected downturns in export growth ........................................ 35 2. Potential for economic cooperation: the Democratic People’s Republic of Korea .......... 69 3. Creating a “Eurasian Union”: the Russian Federation, Kazakhstan, and Belarus .......... 77 4. Connectivity in the Pacific .................................................................................................. 89 5. Indian National Rural Employment Guarantee Scheme .................................................... 96 6. The changing direction of ASEAN trade ............................................................................ 111 7. Sensitivity of the results to alternative methods to compute the contribution of aggregate demand components to GDP growth ............................................................... 123 8. Pro-poor investments in renewable energy and beyond ................................................... 156 9. Connectivity for improved disaster preparedness, response and management ............... 166 xviii FIGURES Page 1. World economic growth: a post-war story of rising prosperity, 1930 to 2010 ................ 4 2. The Asia-Pacific region is the fastest growing of all, 2009 and 2010 .............................. 4 3. Real GDP growth, year-on-year, in selected developing and developed countries, 2008 and 2009 ................................................................................................................... 6 Spread of overnight LIBOR rates to overnight United States Federal Reserve effective fund rates, February 2007 to January 2010 ....................................................... 7 Real GDP growth of six export-oriented developing economies, by quarter, 2008 and 2009 ................................................................................................................... 8 Comparative growth performance of goods exports of major developing economies during three crises, 1997 to 2009 ...................................................................................... 9 Index of total United States imports and United States imports from Asian and Pacific developing and developed economies, by quarter, 2007 to 2009 ................. 9 Export dependence in subregions of Asia and the Pacific, in three-year averages, in percentage shares of GDP, 1994 to 1996 and 2005 to 2007 ..................... 13 9. Net private capital flows to “emerging” Asia, 1991 to 2010 .............................................. 18 10. Loan-to-deposit ratios in major Asian developing economies, third quarter of 2009 ....... 19 11. Vulnerability yardstick as a percentage of foreign reserves in major developing economies, 2008 .............................................................................................. 22 12. Exchange rate movements in major developing economies, 2007 to 2009 ..................... 23 13. Change in nominal effective exchange rates from peak to trough in major developing economies during two crises, 1997 to 1998 and 2008 to 2009 ....................................... 24 14. Foreign reserves in six developing economies, December 2007 to December 2009 ...... 24 15. Gross inward direct investment in major developing economies, 2007 to 2009 .............. 26 16. Social expenditure as a percentage of GDP, worldwide, during most recent year available .......................................................................................................... 28 17. Labour market trends in four Asian economies, 1996 to 2008 ........................................ 30 18. Monthly and quarterly unemployment rates in six Asian economies, 2008 and 2009 ................................................................................................................... 31 4. 5. 6. 7. 8. xix FIGURES (continued) Page 19. Annual growth rate in overseas workers’ remittances in four developing economies, 2007/08 and 2008/09 .......................................................................................................... 32 Contributions of domestic demand, exports and imports to real GDP growth in major Asian developing economies, 2008 and 2009 ........................................ 34 21. Real exports of 11 major Asian economies ....................................................................... 37 22. Interest rates in major Asian developing economies, 2008 and 2009 .............................. 40 23. Economic growth rates of Asian and Pacific developing economies and world developed economies, 2003 to 2010 ................................................................................. 41 Average growth rates and forecasts of Asian and Pacific economies by subregion, 2003 to 2010 ...................................................................................................................... 44 Consumer price inflation, year-on-year, in major Asian developing economies, 2008 and 2009 ................................................................................................................... 47 Credit growth, year-on-year, in major Asian developing economies, January 2007 to October 2009 .......................................................................................... 50 Equity market performance in major Asian developing economies, January 2008 to December 2009 ...................................................................................... 50 Equity market behaviour peak-to-trough during two crises, 1997 to 1998 and 2008 to 2009 ...................................................................................................................... 51 Performance indices of regional emerging-market equities, 15 September 2008 to 8 January 2010 ................................................................................................................... 52 Real GDP growth of Asian and Pacific developing and world developed economies, 2003 to 2010 ................................................................................................... 58 Map of growth deceleration among Asian and Pacific economies: Comparison of crisis-period growth with pre-crisis growth trends ..................................... 59 Real GDP growth, year-on-year, of major East and North-East Asian economies, 2008 and 2009 ................................................................................................................... 61 Export growth, year-on-year, of major East and North-East Asian economies, 2008 and 2009 ................................................................................................................... 63 Import growth, year-on-year, of major East and North-East Asian economies, 2008 and 2009 ................................................................................................................... 63 20. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. xx FIGURES (continued) Page 35. Current account balance as a percentage of GDP in major East and North-East Asian economies, 2007 to 2009 ........................................................................................ 64 36. Interest rates in major East and North-East Asian economies, 2008 and 2009 .............. 66 37. Budget balance as a percentage of GDP of major East and North-East Asian economies, 2007 to 2009 ................................................................................................... 67 Current account balance as a percentage of GDP in North and Central Asian economies, 2007 to 2009 ................................................................................................... 72 Budget balance as a percentage of GDP in North and Central Asian economies, 2007 to 2009 ...................................................................................................................... 75 Index of exchange rates movements in selected North and Central Asian economies, 2007 to 2009 ................................................................................................... 76 Current account balances as a percentage of GDP of the countries in Oceania, 2007 to 2009 ...................................................................................................................... 83 Current account balance as a percentage of GDP in South and South-West Asian economies, 2007 to 2009 ........................................................................................ 94 Budget balance as a percentage of GDP in selected South and South-West Asian economies, 2007 to 2009 ........................................................................................ 97 Combined share of United States and European Union purchases of merchandise exports of selected South-East Asian economies, 2006 to 2007 and 2008 ..................... 101 Export share of electronics, machinery, motor vehicles and apparel in total exports, selected South-East Asian economies, 2006 to 2008 ......................................... 102 Budget balance as a percentage of GDP in selected South-East Asian economies, 2007 to 2009 ...................................................................................................................... 106 Current account balance as a percentage of GDP in selected South-East Asian economies, 2007 to 2009 ................................................................................................... 107 48. Index of exchange rate movements in selected South-East Asian economies, 2009 ..... 109 49. Trends in the real GDP of selected regions and countries .............................................. 116 50. Real GDP per capita adjusted by purchasing power parity .............................................. 117 51. Trade and current account balances ................................................................................. 119 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. xxi FIGURES (continued) Page 52. Share of net exports of goods and services in long-term real GDP growth .................... 120 53. Share of gross fixed investment in long-term real GDP growth ....................................... 121 54. Share of consumption in long-term real GDP growth ....................................................... 122 55. Paths of poverty rates and GDPs per capita in selected countries ................................. 126 56. Per capita household consumption and per capita GDP in 15 Asian and Pacific developing countries ........................................................................................................... 128 Headcount poverty and employment in the informal sector in the Asia-Pacific region .............................................................................................................. 130 58. Headcount poverty and underweight children in the Asia-Pacific region .......................... 131 59. Headcount poverty and primary education survival rate in the Asia-Pacific region .......... 131 60. Headcount poverty and access to improved sanitation in the Asia-Pacific region ........... 132 61. Infrastructure composite scores in Asia and the Pacific, 2007 ......................................... 135 62. Net loss or increase in forest area between 1990 and 2005 ........................................... 136 63. Proportion of total renewable freshwater resources withdrawn ......................................... 138 64. A schematic view of the three imbalances ........................................................................ 141 65. FAO food price index and Brent crude oil price, January 2004 to February 2010 .......... 152 66. Asian Highway and Trans-Asian Railway Networks .......................................................... 162 57. xxii TABLES Page 1. Share of Asian and Pacific developing and developed economies in total United States imports, by quarter, 2007 to 2009 ............................................................... 10 2. Trade intensity indices of Asian and Pacific economies, 2007 ......................................... 15 3. Intra-industry trade indices of Asian and Pacific economies, by sector, 2007 ................. 17 4. Foreign reserve adequacy, 1996 to 2009: outstanding year-end reserves position ........ 20 5. Impact of the 2009 shortfall in exports on GDP of major Asian economies .................... 36 6. Estimated multiplier effects of aggregate demand components ........................................ 38 7. Rates of economic growth and inflation of Asian and Pacific economies, in percentages, 2008 to 2010 ............................................................................................ 42 Rate of economic growth and inflation in East and North-East Asian economies, 2008 to 2010 ...................................................................................................................... 61 Rate of economic growth and inflation in North and Central Asian economies, 2008 to 2010 ...................................................................................................................... 70 Trade performance of North and Central Asian economies, in percentages, 2007 to 2009 ...................................................................................................................... 73 Receipts of workers’ remittances in major North and Central Asian economies, 2006 to 2008 ...................................................................................................................... 74 12. Rate of economic growth and inflation in countries in Oceania, 2008 to 2010 ............... 79 13. Recent international primary commodity prices, 2007 to 2009 ......................................... 84 14. Total visitor arrivals in selected Pacific island economies, in thousands of people, 2004 to 2009 ...................................................................................................................... 85 Remittances inflows as a percentage of GDP in selected Pacific island economies, 2000 to 2008 ...................................................................................................................... 86 Rate of economic growth and inflation in South and South-West Asian economies, 2008 to 2010 ...................................................................................................................... 90 Rate of economic growth and inflation in South-East Asian economies, 2008 to 2010 ...................................................................................................................... 101 Percentage changes of real GDP of major South-East Asian economies, year-on-year, 2007 to 2009 ................................................................................................ 103 8. 9. 10. 11. 15. 16. 17. 18. xxiii TABLES (continued) Page 19. Import growth by ASEAN economies, by source, 2008 and 2009, in percentages ......... 108 20. Percentage shares of imports by ASEAN economies, by source, 2004 to 2008, in percentages ......................................................................................................................... 108 Foreign exchange reserves minus gold, selected South-East Asian economies, 2009, in billions of United States dollars ...................................................................................... 110 22. ASEAN export growth, 2008 and 2009, in percentages ................................................... 111 23. Percentage shares of ASEAN exporters in destination markets, in selected years ......... 111 24. Contributions of consumption, investment and exports to GDP growth ........................... 124 25. Poverty reduction between 1990 and the mid-2000s ........................................................ 125 26. Inequality and household consumption growth between 1990 and the mid-2000s ........................................................................................................................... 127 27. Country groups on and off track for the Millennium Development Goals ........................ 134 28. Carbon dioxide emissions from selected major economies .............................................. 139 29. Regional currency swings during the crisis ....................................................................... 171 21. xxiv EXPLANATORY NOTES Staff analysis in the Survey 2010 is based on data and information available up to the end of March 2010. The term “ESCAP region” is used in the present issue of the Survey to include Afghanistan; American Samoa; Armenia; Australia; Azerbaijan; Bangladesh; Bhutan; Brunei Darussalam; Cambodia; China; Cook Islands; Democratic People’s Republic of Korea; Fiji; French Polynesia; Georgia; Guam; Hong Kong, China; India; Indonesia; Iran (Islamic Republic of); Japan; Kazakhstan; Kiribati; Kyrgyzstan; Lao People’s Democratic Republic; Macao, China; Malaysia; Maldives; Marshall Islands; Micronesia (Federated States of); Mongolia; Myanmar; Nauru; Nepal; New Caledonia; New Zealand; Niue; Northern Mariana Islands; Pakistan; Palau; Papua New Guinea; Philippines; Republic of Korea; Russian Federation; Samoa; Singapore; Solomon Islands; Sri Lanka; Tajikistan; Thailand; Timor-Leste; Tonga; Turkey; Turkmenistan; Tuvalu; Uzbekistan; Vanuatu; and Viet Nam. The term “developing ESCAP region” excludes Australia, Japan and New Zealand. Non-regional members of ESCAP are France, the Netherlands, the United Kingdom of Great Britain and Northern Ireland and the United States of America. The term “Central Asian countries” in this issue of the Survey refers to Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. The term “East and North-East Asia” in this issue of the Survey refers to China; Hong Kong, China; Japan; Macao, China; Mongolia; Republic of Korea; and Russian Federation. The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area, or of its authorities, or concerning the delimitation of its frontiers or boundaries. Mention of firm names and commercial products does not imply the endorsement of the United Nations. The abbreviated title Survey in footnotes refers to the Economic and Social Survey of Asia and the Pacific for the year indicated. Many figures used in the Survey are on a fiscal year basis and are assigned to the calendar year which covers the major part or second half of the fiscal year. Growth rates are on an annual basis, except where indicated otherwise. Reference to “tons” indicates metric tons. Values are in United States dollars unless specified otherwise. The term “billion” signifies a thousand million. The term “trillion” signifies a million million. In the tables, two dots (..) indicate that data are not available or are not separately reported, a dash (–) indicates that the amount is nil or negligible, and a blank indicates that the item is not applicable. In dates, a hyphen (-) is used to signify the full period involved, including the beginning and end years, and a stroke (/) indicates a crop year, fiscal year or plan year. The fiscal years, currencies and 2010 exchange rates of the economies in the ESCAP region are listed in the following table: Country or area in the ESCAP region Afghanistan ....................................... American Samoa .............................. Armenia ............................................. Australia ............................................ Azerbaijan ......................................... Bangladesh ....................................... Bhutan ............................................... Brunei Darussalam ........................... Cambodia .......................................... China ................................................. Cook Islands ..................................... Democratic People’s Republic of Korea ........................................ Fiji ..................................................... Fiscal year Currency and abbreviation 21 March to 20 March .. 1 January to 31 December 1 July to 30 June 1 January to 31 December 1 July to 30 June 1 July to 30 June 1 January to 31 December 1 January to 31 December 1 January to 31 December 1 April to 31 March afghani (Af) United States dollar ($) dram Australian dollar ($A) Azeri manat (AZM) taka (Tk) ngultrum (Nu) Brunei dollar (B$) riel (CR) yuan renminbi (Y) New Zealand dollar ($NZ) .. 1 January to 31 December won (W) Fiji dollar (F$) xxv Rate of exchange for $1 as at January 2010 48.74a 1.00 376.69 1.12 0.80 69.20 46.37 1.40 4 165.00a 6.83 1.42 139.00 1.94 Country or area in the ESCAP region Fiscal year French Polynesia .............................. Currency and abbreviation .. Georgia ............................................. Guam ................................................ Hong Kong, China ............................ India .................................................. Indonesia .......................................... Iran (Islamic Republic of) ................ Japan ................................................ Kazakhstan ....................................... Kiribati ............................................... Kyrgyzstan ........................................ Lao People’s Democratic Republic . Macao, China ................................... Malaysia ............................................ Maldives ............................................ Marshall Islands ............................... Micronesia (Federated States of) .... Mongolia ........................................... Myanmar ........................................... Nauru ................................................ Nepal ................................................. New Caledonia ................................. 1 January to 31 December 1 October to 30 September 1 April to 31 March 1 April to 31 March 1 April to 31 March 21 March to 20 March 1 April to 31 March 1 January to 31 December 1 January to 31 December 1 January to 31 December 1 October to 30 September 1 July to 30 June 1 January to 31 December 1 January to 31 December 1 October to 30 September 1 October to 30 September 1 January to 31 December 1 April to 31 March 1 July to 30 June 16 July to 15 July .. New Zealand .................................... Niue ................................................... Northern Mariana Islands ................ Pakistan ............................................ Palau ................................................. Papua New Guinea .......................... Philippines ......................................... Republic of Korea ............................ Russian Federation .......................... Samoa ............................................... Singapore .......................................... Solomon Islands ............................... Sri Lanka .......................................... Tajikistan ........................................... Thailand ............................................ Timor-Leste ....................................... Tonga ................................................ Turkey ............................................... Turkmenistan .................................... Tuvalu ............................................... Uzbekistan ........................................ Vanuatu ............................................. Viet Nam ........................................... 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 April to 31 March April to 31 March October to 30 September July to 30 June October to 30 September January to 31 December January to 31 December January to 31 December January to 31 December July to 30 June April to 31 March January to 31 December January to 31 December January to 31 December October to 30 September July to 30 June July to 30 June January to 31 December January to 31 December January to 31 December January to 31 December January to 31 December January to 31 December Rate of exchange for $1 as at January 2010 French Pacific Community franc (FCFP) lari (L) United States dollar ($) Hong Kong dollar (HK$) Indian rupee (Rs) Indonesian rupiah (Rp) Iranian rial (Rls) yen (Y =) tenge (T) Australian dollar ($A) som (som) new kip (NK) pataca (P) ringgit (M$) rufiyaa (Rf) United States dollar ($) United States dollar ($) tugrik (Tug) kyat (K) Australian dollar ($A) Nepalese rupee (NRs) French Pacific Community franc (FCFP) New Zealand dollar ($NZ) New Zealand dollar ($NZ) United States dollar ($) Pakistan rupee (PRs) United States dollar ($) kina (K) Philippine peso (P) won (W) ruble (R) tala (WS$) Singapore dollar (S$) Solomon Islands dollar (SI$) Sri Lanka rupee (SL Rs) somoni baht (B) United States dollar ($) pa’anga (T$) Turkish lira (LT) Turkmen manat (M) Australian dollar ($A) som (som) vatu (VT) dong (D) 85.92 1.74 1.00 7.76 46.37 9 365.00 10 008.00 89.85 148.21 1.12 44.28 8 484.25a 8.01 3.41 12.80 1.00 1.00 1 442.84a 5.43a 1.12 74.20 85.92 1.42 1.42 1.00 84.73 1.00 2.70a 46.75 1 156.50 30.43 2.53 1.40 8.06a 114.55 4.37 33.10 1.00 1.89 1.49 2.85 1.12 1 510.00 97.93 17 941.00 Note: a December 2009. Sources: United Nations, Monthly Bulletin of Statistics website, http://unstats.un.org/unsd/mbs/app/DataSearchTable.aspx, 9 March 2010; CEIC Data Company Limited; and national sources. xxvi ABBREVIATIONS AADMER ASEAN Agreement on Disaster Management and Emergency Response ABMI Asian Bond Market Initiative ADB Asian Development Bank ADBI Asian Development Bank Institute AFTA ASEAN Free Trade Agreement APCAEM Asian and Pacific Centre for Agricultural Engineering and Machinery APEC Asia-Pacific Economic Cooperation APTA Asia-Pacific Trade Agreement ASEAN Association of Southeast Asian Nations BIMSTEC Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation BIS Bank for International Settlements CAPSA Centre for Alleviation of Poverty through Secondary Crops’ Development in Asia and the Pacific c.i.f. cost, insurance, freight CAREC Central Asia Regional Economic Cooperation Corridors CD-ROM compact disk read-only memory CEPEA comprehensive economic partnership of East Asia CMI Chiang Mai Initiative CNG compressed natural gas CPI consumer price index EAFTA East Asia Free Trade Agreement EAS East Asia Summit ECE Economic Commission for Europe EIU Economist Intelligence Unit ERIA Economic Research Institute of ASEAN and East Asia EU European Union EurAsEC Eurasian Economic Community FAO Food and Agriculture Organization of the United Nations FDI foreign direct investment xxvii ABBREVIATIONS (continued) f.o.b. free on board FTA Free trade area GDP gross domestic product GMS Greater Mekong Subregion HIV Human immunodeficiency virus ICT information and communication technology ILO International Labour Organization IMF International Monetary Fund IPCC Intergovernmental Panel on Climate Change MDG Millennium Development Goal NGOs non-governmental organizations NREGA National Rural Employment Guarantee Act ODA official development assistance OECD Organisation for Economic Cooperation and Development PPP purchasing power parity R&D research and development SAARC South Asian Association for Regional Cooperation SARS severe acute respiratory syndrome SDRs special drawing rights TRIPs Trade-Related Aspects of Intellectual Property Rights UNCTAD United Nations Conference on Trade and Development UNDP United Nations Development Programme UNFCCC United Nations Framework Convention on Climate Change WTO World Trade Organization xxviii SOURCES OF QUOTATIONS (a) Page 1: an excerpt from the message of President Hu Jintao (China) at the APEC meeting on the theme “Sustaining Growth, Connecting the Region” on 15 November 2009 (source: http:// english.gov.cn/2009-11/15/content_1465068.htm). (b) Page 55: an excerpt from the message of Prime Minister Manmohan Singh (India) at the G-20 Meeting at Pittsburgh: Plenary Session, 25 September 2009 (source: http://pmindia.nic.in/ speeches.htm). (c) Page 113: an excerpt from a speech by President Susilo Bambang Yudhoyono (Indonesia), Speech at the APEC CEO Summit, Rebuilding the Global Economy: Crisis and Opportunity, Singapore, 13 November 2009 (source: http://www.globalentrepolis.com/downloads/President SBYSpeech-CEOSummit.pdf). (d) Page 145: an excerpt from a speech by Prime Minister Edward Natapei (Vanuatu), Speech at the Global Economic Crisis Conference, Port Vila, Vanuatu, 10-12 February 2010 (source: http:// vanuatu2010.un.org.fj/pages.cfm/press-corner/speeches-statements/speech-by-hon-edwardnatapei-prime-minister-of-vanuatu.html). (e) Page 177: an excerpt from a speech by Under-Secretary-General of the United Nations and Executive Secretary of ESCAP, Noeleen Heyzer, Innovative Government: Innovation on the Road To Economic Recovery in Singapore, 3 December 2009. (f) Back cover: an excerpt from an article by BAN Ki-moon, Secretary-General of the United Nations, Daily News (Egypt), 4 July 2009 (source: http://www.un.org/sgarticleFull.asp?TID=103& Type=Op-Ed). xxix
